2022 (8) TMI 204

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....l loss of Rs. 2,89,03,530/-. The case of the assessee was selected for scrutiny and assessment proceedings has been initiated against the assessee. The Ld. Assessing Officer vide order dated 24/12/2010 made total addition of Rs. 4,04,58,677/- by computing the income as under:- Returned Loss: Rs. 2,89,03,530/- Add: Disallowance of Share application money Rs. 4,38,86,460/- Add: Disallowance of unsecured Loan Rs. 1,53,21,702/- Add: Disallowance of personal nature expenses Rs. 14,34,443/- Discussed above in Para 4   Add: Disallowance of AMC Charges u/s 40a(ia) Rs. 36,000/- Add: Disallowance of depreciation (as discussed Above in para 7) Rs. 15,75,402/- Add: Disallowance of capitalization of rete....

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.... to produce enough supporting evidence to substantiate the genuineness of the creditors." 5. The Ld. AR vehemently submitted that, the Ld. CIT(A) has committed grave error in deleting the addition of Rs. 4,38,86,460/- made by the AO on account of disallowance of share application money ignoring the fact that, the assessee has failed to produce enough supporting evidence to substantiate the genuineness of the creditors. Further submitted that, the Ld. CIT(A) has committed an error in admitting the fresh evidence by the assessee, but failed to appreciate the remand report of the AO wherein it was mentioned that, even after providing repeated opportunities to submit the evidence, the assessee has failed to submit any evidence before the AO.....

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....der Sh. Anil Sharma amounting to Rs. 12,50,000/- and another person S. P. Dham, amounting to Rs. 6,70,000/- on which the assessee has not preferred the appeal. The assessee has produced details of notarized confirmation, ITRs and also the bank statement evidencing the payment to assessee company in respect of Mr. Hardeep Singh Nagra, Hrbinder Singh Athwal, Sh. Anil Shama, Sh. S. P. Dham, & Syed Arshad. 9. It is also seen that the above named share holders, were holding the shares in assesses company even before the year under consideration and such shareholding forms part of opening balance of the Assessee as found by the CIT (A), which has not been disputed by the DR. Further, the identity of above assets, genuineness and creditworthine....